1887

OECD-FAO Agricultural Outlook 2018-2027

image of OECD-FAO Agricultural Outlook 2018-2027

The fourteenth joint edition of the OECD-FAO Agricultural Outlook provides market projections for major agricultural commodities, biofuels and fish, as well as a special feature on the prospects and challenges of agriculture and fisheries in the Middle East and North Africa.

World agricultural markets have changed markedly since the food price spikes of 2007-8, as production has grown strongly while demand growth has started to weaken. In the coming decade, real agricultural prices are expected to remain low as a result of reduced growth in global food and feed demand. Net exports will tend to increase from land abundant countries and regions, notably in the Americas. Countries with limited natural resources, slow production expansion and high population growth will see rising net imports. Increasing import dependence is projected in particular for the Middle East and North Africa, where a scarcity of arable land and water constrains agricultural production.

English Italian, Spanish, Chinese, French

From Chapter: Statistical Annex
.

OECD-FAO Agricultural Outlook 2018-2027 - © OECD 2018

‌A.10Economic assumptions
A.10Economic assumptions
  Calendar year
‌‌
‌‌
Average
2015-17est
‌2018‌
‌2019‌
‌2020‌
‌2021‌
‌2022‌
‌2023‌
‌2024‌
‌2025‌
‌2026‌
‌2027‌
REAL GDP 1
 
 
 
 
 
 
 
 
 
 
 
 
Australia
%
2.5
 
2.8
 
2.7
 
2.8
 
2.8
 
2.7
 
2.7
 
2.7
 
2.7
 
2.7
 
2.7
 
Canada
%
1.8
 
2.1
 
1.9
 
1.7
 
1.8
 
1.8
 
1.8
 
1.8
 
1.8
 
1.8
 
1.8
 
Chile
%
1.7
 
2.5
 
2.7
 
2.9
 
3.2
 
3.3
 
3.3
 
3.3
 
3.3
 
3.3
 
3.3
 
European Union
%
2.1
 
2.0
 
1.7
 
1.6
 
1.6
 
1.6
 
1.5
 
1.5
 
1.5
 
1.5
 
1.4
 
Japan
%
1.2
 
1.2
 
1.0
 
0.2
 
0.7
 
0.6
 
0.6
 
0.6
 
0.6
 
0.6
 
0.6
 
Korea
%
2.9
 
3.0
 
3.0
 
2.9
 
2.9
 
2.9
 
2.9
 
2.9
 
2.9
 
2.9
 
2.9
 
Mexico
%
2.8
 
2.2
 
2.3
 
2.7
 
2.7
 
2.7
 
2.7
 
2.7
 
2.7
 
2.7
 
2.7
 
New Zealand
%
3.1
 
3.2
 
3.0
 
2.5
 
2.5
 
2.4
 
2.4
 
2.4
 
2.4
 
2.4
 
2.4
 
Norway
%
1.7
 
1.8
 
1.9
 
1.9
 
1.8
 
1.9
 
1.9
 
1.9
 
1.9
 
1.9
 
1.9
 
Switzerland
%
1.1
 
1.7
 
1.8
 
1.7
 
1.7
 
1.7
 
1.7
 
1.7
 
1.7
 
1.7
 
1.7
 
Turkey
%
4.8
 
3.5
 
3.5
 
3.5
 
3.6
 
3.6
 
3.6
 
3.6
 
3.6
 
3.6
 
3.6
 
United States
%
2.2
 
2.5
 
2.1
 
1.8
 
1.7
 
1.7
 
1.7
 
1.7
 
1.7
 
1.7
 
1.7
 
Algeria
%
2.8
 
0.8
 
1.4
 
1.8
 
2.3
 
2.4
 
2.5
 
2.5
 
2.5
 
2.5
 
2.5
 
Brazil
%
-2.2
 
1.9
 
2.3
 
2.0
 
2.0
 
2.0
 
2.0
 
2.0
 
2.0
 
2.0
 
2.0
 
China
%
6.8
 
6.6
 
6.4
 
6.2
 
6.0
 
5.8
 
5.7
 
5.8
 
5.7
 
5.8
 
5.7
 
Egypt
%
4.3
 
4.5
 
5.3
 
5.8
 
6.0
 
6.0
 
5.7
 
5.7
 
5.7
 
5.7
 
5.7
 
India
%
7.3
 
7.4
 
7.8
 
7.9
 
8.1
 
8.2
 
8.2
 
8.2
 
8.2
 
8.2
 
8.2
 
Indonesia
%
5.0
 
5.3
 
5.5
 
5.5
 
5.5
 
5.5
 
5.5
 
5.5
 
5.5
 
5.5
 
5.5
 
Iran
%
4.8
 
3.8
 
4.0
 
4.0
 
4.1
 
4.1
 
4.0
 
4.0
 
4.0
 
4.0
 
4.0
 
Malaysia
%
4.9
 
4.8
 
4.8
 
4.9
 
4.9
 
4.9
 
4.9
 
4.9
 
4.9
 
4.9
 
4.9
 
Pakistan
%
4.6
 
5.6
 
6.0
 
5.7
 
5.9
 
5.9
 
5.9
 
5.9
 
5.9
 
5.9
 
5.9
 
Russia
%
-0.4
 
1.9
 
1.5
 
1.5
 
1.5
 
1.5
 
1.5
 
1.5
 
1.5
 
1.5
 
1.5
 
Saudi Arabia
%
2.0
 
1.1
 
1.6
 
1.8
 
2.0
 
2.0
 
1.9
 
1.9
 
1.9
 
1.9
 
1.9
 
South Africa
%
0.8
 
1.1
 
1.6
 
2.2
 
2.2
 
2.2
 
2.2
 
2.2
 
2.2
 
2.2
 
2.2
 
Ukraine
%
-1.8
 
3.2
 
3.5
 
3.7
 
4.0
 
4.0
 
4.0
 
4.0
 
4.0
 
4.0
 
4.0
 
OECD 2,3
%
2.2
 
2.3
 
2.0
 
1.8
 
1.8
 
1.8
 
1.8
 
1.8
 
1.8
 
1.8
 
1.8
 
PCE DEFLATOR 1
 
 
 
 
 
 
 
 
 
 
 
 
Australia
%
1.3
 
1.8
 
2.0
 
2.5
 
2.5
 
2.5
 
2.5
 
2.5
 
2.5
 
2.5
 
2.5
 
Canada
%
1.1
 
1.8
 
1.9
 
1.9
 
2.0
 
1.9
 
1.9
 
1.9
 
1.9
 
1.9
 
1.9
 
Chile
%
3.5
 
2.7
 
3.0
 
3.0
 
3.0
 
3.0
 
3.0
 
3.0
 
3.0
 
3.0
 
3.0
 
European Union
%
0.7
 
1.6
 
1.7
 
1.8
 
1.8
 
1.8
 
1.8
 
1.8
 
1.8
 
1.8
 
1.7
 
Japan
%
0.0
 
0.7
 
1.3
 
1.6
 
1.3
 
1.6
 
1.6
 
1.6
 
1.6
 
1.6
 
1.6
 
Korea
%
1.2
 
2.1
 
2.1
 
2.0
 
2.0
 
2.0
 
2.0
 
2.0
 
2.0
 
2.0
 
2.0
 
Mexico
%
4.3
 
4.2
 
3.5
 
3.0
 
3.0
 
3.0
 
3.0
 
3.0
 
3.0
 
3.0
 
3.0
 
New Zealand
%
0.9
 
1.6
 
1.8
 
2.0
 
2.0
 
2.0
 
2.0
 
2.0
 
2.0
 
2.0
 
2.0
 
Norway
%
2.4
 
1.6
 
2.0
 
2.3
 
2.5
 
2.5
 
2.5
 
2.5
 
2.5
 
2.5
 
2.5
 
Switzerland
%
-0.2
 
0.2
 
0.6
 
0.9
 
1.0
 
1.0
 
1.0
 
1.0
 
1.0
 
1.0
 
1.0
 
Turkey
%
8.8
 
9.3
 
8.8
 
7.9
 
7.5
 
7.5
 
7.5
 
7.5
 
7.5
 
7.5
 
7.5
 
United States
%
1.0
 
1.9
 
2.1
 
2.4
 
2.2
 
2.3
 
2.3
 
2.3
 
2.3
 
2.3
 
2.3
 
Algeria
%
5.6
 
4.4
 
4.0
 
4.0
 
4.0
 
4.0
 
4.0
 
4.0
 
4.0
 
4.0
 
4.0
 
Brazil
%
7.5
 
4.7
 
5.2
 
4.1
 
4.0
 
4.0
 
4.0
 
4.0
 
4.0
 
4.0
 
4.0
 
China
%
1.7
 
2.4
 
2.5
 
2.6
 
2.6
 
2.6
 
2.6
 
2.6
 
2.6
 
2.6
 
2.6
 
Egypt
%
14.9
 
21.3
 
13.5
 
10.1
 
7.2
 
7.1
 
7.1
 
7.1
 
7.1
 
7.1
 
7.1
 
India
%
4.4
 
4.9
 
4.8
 
4.9
 
5.0
 
5.0
 
5.0
 
5.0
 
5.0
 
5.0
 
5.0
 
Indonesia
%
4.6
 
3.9
 
3.7
 
3.8
 
3.6
 
3.5
 
3.5
 
3.5
 
3.5
 
3.5
 
3.5
 
Iran
%
10.5
 
10.1
 
9.5
 
9.3
 
9.0
 
8.7
 
8.7
 
8.7
 
8.7
 
8.7
 
8.7
 
Malaysia
%
2.7
 
2.9
 
3.0
 
3.0
 
3.0
 
3.0
 
3.0
 
3.0
 
3.0
 
3.0
 
3.0
 
Pakistan
%
3.8
 
4.8
 
5.0
 
5.0
 
5.0
 
5.0
 
5.0
 
5.0
 
5.0
 
5.0
 
5.0
 
Russia
%
8.9
 
3.9
 
4.0
 
4.0
 
4.0
 
4.0
 
4.0
 
4.0
 
4.0
 
4.0
 
4.0
 
Saudi Arabia
%
1.8
 
5.0
 
2.0
 
2.2
 
2.1
 
2.0
 
2.0
 
2.0
 
2.0
 
2.0
 
2.0
 
South Africa
%
5.4
 
5.3
 
5.5
 
5.5
 
5.5
 
5.5
 
5.5
 
5.5
 
5.5
 
5.5
 
5.5
 
Ukraine
%
25.1
 
10.0
 
7.0
 
6.5
 
5.5
 
5.0
 
5.0
 
5.0
 
5.0
 
5.0
 
5.0
 
OECD 2,3
%
1.3
 
2.1
 
2.3
 
2.4
 
2.3
 
2.4
 
2.4
 
2.4
 
2.4
 
2.5
 
2.5
 
GDP DEFLATOR 1
 
 
 
 
 
 
 
 
 
 
 
 
Australia
%
1.5
 
1.3
 
1.9
 
2.5
 
2.5
 
2.5
 
2.5
 
2.5
 
2.5
 
2.5
 
2.5
 
Canada
%
0.8
 
2.3
 
2.0
 
1.9
 
2.0
 
1.9
 
1.9
 
1.9
 
1.9
 
1.9
 
1.9
 
Chile
%
3.5
 
2.7
 
3.0
 
3.0
 
3.0
 
3.0
 
3.0
 
3.0
 
3.0
 
3.0
 
3.0
 
European Union
%
0.7
 
1.4
 
1.6
 
1.6
 
1.7
 
1.7
 
1.7
 
1.7
 
1.7
 
1.7
 
1.7
 
Japan
%
0.7
 
0.2
 
1.0
 
1.6
 
1.3
 
1.6
 
1.6
 
1.6
 
1.6
 
1.6
 
1.6
 
Korea
%
2.2
 
2.3
 
2.5
 
2.0
 
2.0
 
2.0
 
2.0
 
2.0
 
2.0
 
2.0
 
2.0
 
Mexico
%
4.9
 
5.3
 
4.9
 
3.0
 
3.0
 
3.0
 
3.0
 
3.0
 
3.0
 
3.0
 
3.0
 
New Zealand
%
1.4
 
1.8
 
2.2
 
2.0
 
2.0
 
2.0
 
2.0
 
2.0
 
2.0
 
2.0
 
2.0
 
Norway
%
-0.3
 
0.5
 
2.1
 
2.3
 
2.5
 
2.5
 
2.5
 
2.5
 
2.5
 
2.5
 
2.5
 
Switzerland
%
-0.2
 
0.7
 
0.8
 
0.9
 
1.0
 
1.0
 
1.0
 
1.0
 
1.0
 
1.0
 
1.0
 
Turkey
%
8.8
 
9.3
 
8.8
 
7.9
 
7.5
 
7.5
 
7.5
 
7.5
 
7.5
 
7.5
 
7.5
 
United States
%
1.4
 
2.1
 
2.2
 
2.4
 
2.2
 
2.3
 
2.3
 
2.3
 
2.3
 
2.3
 
2.3
 
Algeria
%
5.6
 
4.4
 
4.0
 
4.0
 
4.0
 
4.0
 
4.0
 
4.0
 
4.0
 
4.0
 
4.0
 
Brazil
%
7.1
 
4.6
 
4.9
 
4.1
 
4.0
 
4.0
 
4.0
 
4.0
 
4.0
 
4.0
 
4.0
 
China
%
1.8
 
4.0
 
4.0
 
2.6
 
2.6
 
2.6
 
2.6
 
2.6
 
2.6
 
2.6
 
2.6
 
Egypt
%
14.9
 
21.3
 
13.5
 
10.1
 
7.2
 
7.1
 
7.1
 
7.1
 
7.1
 
7.1
 
7.1
 
India
%
4.4
 
4.9
 
4.8
 
4.9
 
5.0
 
5.0
 
5.0
 
5.0
 
5.0
 
5.0
 
5.0
 
Indonesia
%
4.6
 
3.9
 
3.7
 
3.8
 
3.6
 
3.5
 
3.5
 
3.5
 
3.5
 
3.5
 
3.5
 
Iran
%
10.5
 
10.1
 
9.5
 
9.3
 
9.0
 
8.7
 
8.7
 
8.7
 
8.7
 
8.7
 
8.7
 
Malaysia
%
2.7
 
2.9
 
3.0
 
3.0
 
3.0
 
3.0
 
3.0
 
3.0
 
3.0
 
3.0
 
3.0
 
Pakistan
%
3.8
 
4.8
 
5.0
 
5.0
 
5.0
 
5.0
 
5.0
 
5.0
 
5.0
 
5.0
 
5.0
 
Russia
%
5.8
 
4.2
 
3.1
 
4.0
 
4.0
 
4.0
 
4.0
 
4.0
 
4.0
 
4.0
 
4.0
 
Saudi Arabia
%
1.8
 
5.0
 
2.0
 
2.2
 
2.1
 
2.0
 
2.0
 
2.0
 
2.0
 
2.0
 
2.0
 
South Africa
%
5.4
 
5.3
 
5.5
 
5.5
 
5.5
 
5.5
 
5.5
 
5.5
 
5.5
 
5.5
 
5.5
 
Ukraine
%
25.1
 
10.0
 
7.0
 
6.5
 
5.5
 
5.0
 
5.0
 
5.0
 
5.0
 
5.0
 
5.0
 
OECD 3
%
1.5
 
2.1
 
2.4
 
2.4
 
2.3
 
2.4
 
2.4
 
2.4
 
2.4
 
2.4
 
2.5
 
WORLD INPUT PRICES
 
 
 
 
 
 
 
 
 
 
 
 
Brent crude oil 4
USD/barrel
50.3
 
63.7
 
67.1
 
68.3
 
69.3
 
70.4
 
71.5
 
72.6
 
73.7
 
74.9
 
76.1
 
Fertiliser 5
USD/t
259.7
 
247.3
 
255.7
 
262.1
 
269.1
 
273.1
 
275.3
 
276.8
 
277.4
 
280.1
 
283.2
 
EXCHANGE RATES
 
 
 
 
 
 
 
 
 
 
 
 
Australia
AUD/USD
1.33
 
1.31
 
1.31
 
1.31
 
1.32
 
1.33
 
1.34
 
1.35
 
1.36
 
1.37
 
1.38
 
Canada
CAD/USD
1.30
 
1.27
 
1.27
 
1.27
 
1.28
 
1.28
 
1.28
 
1.28
 
1.29
 
1.29
 
1.29
 
Chile
CLP/USD
664.31
 
690.55
 
697.45
 
704.43
 
711.47
 
718.59
 
725.77
 
733.03
 
740.36
 
747.76
 
755.24
 
European Union
EUR/USD
0.90
 
0.86
 
0.86
 
0.86
 
0.86
 
0.87
 
0.87
 
0.88
 
0.88
 
0.88
 
0.89
 
Japan
JPY/USD
114.05
 
113.82
 
113.82
 
113.96
 
113.72
 
113.37
 
113.02
 
112.67
 
112.32
 
111.97
 
111.63
 
Korea
KRW/USD
1 141.97
 
1 114.30
 
1 114.30
 
1 123.74
 
1 134.74
 
1 145.50
 
1 156.35
 
1 167.31
 
1 178.38
 
1 189.55
 
1 200.82
 
Mexico
MXN/USD
17.79
 
19.06
 
19.06
 
19.17
 
19.32
 
19.45
 
19.59
 
19.72
 
19.86
 
20.00
 
20.14
 
New Zealand
NZD/USD
1.43
 
1.44
 
1.44
 
1.44
 
1.45
 
1.45
 
1.45
 
1.45
 
1.45
 
1.45
 
1.46
 
Algeria
DZD/USD
107.26
 
113.87
 
116.14
 
118.47
 
120.84
 
123.25
 
125.72
 
128.23
 
130.80
 
133.41
 
136.08
 
Brazil
BRL/USD
3.34
 
3.25
 
3.25
 
3.32
 
3.38
 
3.45
 
3.52
 
3.59
 
3.66
 
3.73
 
3.80
 
China
CNY/USD
6.56
 
6.63
 
6.63
 
6.58
 
6.54
 
6.50
 
6.45
 
6.41
 
6.37
 
6.32
 
6.28
 
Egypt
EGP/USD
8.35
 
11.51
 
12.73
 
13.70
 
14.36
 
15.04
 
15.74
 
16.47
 
17.24
 
18.05
 
18.89
 
India
INR/USD
67.03
 
70.49
 
71.92
 
73.42
 
74.95
 
76.51
 
78.11
 
79.74
 
81.40
 
83.10
 
84.83
 
Indonesia
'000 IDR/USD
13.35
 
13.53
 
13.71
 
13.71
 
13.50
 
13.37
 
13.25
 
13.12
 
13.00
 
12.88
 
12.76
 
Malaysia
MYR/USD
4.13
 
4.24
 
4.15
 
4.06
 
3.99
 
3.94
 
3.90
 
3.86
 
3.82
 
3.78
 
3.74
 
Pakistan
PKR/USD
102.31
 
106.96
 
110.23
 
113.57
 
116.91
 
120.46
 
124.12
 
127.89
 
131.78
 
135.78
 
139.91
 
Russia
RUB/USD
62.23
 
59.14
 
59.14
 
59.92
 
60.60
 
61.14
 
61.69
 
62.25
 
62.81
 
63.37
 
63.94
 
Saudi Arabia
SAR/USD
3.75
 
3.75
 
3.75
 
3.75
 
3.75
 
3.75
 
3.75
 
3.75
 
3.75
 
3.75
 
3.75
 
South Africa
ZAR/USD
13.62
 
13.60
 
14.08
 
14.59
 
15.18
 
15.79
 
16.43
 
17.09
 
17.78
 
18.50
 
19.24
 
Ukraine
UAH/USD
24.88
 
29.05
 
29.86
 
30.71
 
31.32
 
31.96
 
32.60
 
33.26
 
33.94
 
34.62
 
35.32
 
A.10Economic assumptions(cont.)
  Calendar year
‌‌
‌‌
‌2017est‌
‌2018‌
‌2019‌
‌2020‌
‌2021‌
‌2022‌
‌2023‌
‌2024‌
‌2025‌
‌2026‌
‌2027‌
POPULATION 1
 
 
 
 
 
 
 
 
 
 
 
 
Australia
%
1.3
 
1.3
 
1.3
 
1.2
 
1.2
 
1.2
 
1.1
 
1.1
 
1.1
 
1.0
 
1.0
 
Canada
%
0.9
 
0.9
 
0.9
 
0.9
 
0.9
 
0.8
 
0.8
 
0.8
 
0.8
 
0.8
 
0.7
 
Chile
%
0.8
 
0.8
 
0.8
 
0.7
 
0.7
 
0.7
 
0.7
 
0.6
 
0.6
 
0.6
 
0.6
 
European Union
%
0.1
 
0.1
 
0.1
 
0.1
 
0.1
 
0.1
 
0.0
 
0.0
 
0.0
 
0.0
 
0.0
 
Japan
%
-0.2
 
-0.2
 
-0.3
 
-0.3
 
-0.3
 
-0.3
 
-0.3
 
-0.4
 
-0.4
 
-0.4
 
-0.4
 
Korea
%
0.4
 
0.4
 
0.3
 
0.3
 
0.3
 
0.3
 
0.3
 
0.3
 
0.2
 
0.2
 
0.2
 
Mexico
%
1.3
 
1.2
 
1.2
 
1.2
 
1.1
 
1.1
 
1.1
 
1.0
 
1.0
 
1.0
 
0.9
 
New Zealand
%
1.0
 
0.9
 
0.9
 
0.9
 
0.9
 
0.8
 
0.8
 
0.8
 
0.8
 
0.7
 
0.7
 
Norway
%
1.0
 
0.9
 
0.9
 
0.9
 
0.9
 
0.9
 
0.9
 
0.9
 
0.9
 
0.9
 
0.9
 
Switzerland
%
0.9
 
0.8
 
0.8
 
0.7
 
0.7
 
0.7
 
0.6
 
0.6
 
0.6
 
0.6
 
0.6
 
Turkey
%
1.6
 
1.5
 
1.3
 
1.1
 
0.8
 
0.6
 
0.5
 
0.4
 
0.4
 
0.5
 
0.5
 
United States
%
0.7
 
0.7
 
0.7
 
0.7
 
0.7
 
0.7
 
0.7
 
0.7
 
0.7
 
0.7
 
0.7
 
Algeria
%
1.8
 
1.7
 
1.6
 
1.5
 
1.5
 
1.4
 
1.3
 
1.3
 
1.2
 
1.2
 
1.1
 
Argentina
%
1.0
 
0.9
 
0.9
 
0.9
 
0.9
 
0.9
 
0.9
 
0.8
 
0.8
 
0.8
 
0.8
 
Brazil
%
0.8
 
0.8
 
0.7
 
0.7
 
0.7
 
0.6
 
0.6
 
0.6
 
0.5
 
0.5
 
0.5
 
China
%
0.4
 
0.4
 
0.4
 
0.3
 
0.3
 
0.2
 
0.2
 
0.2
 
0.1
 
0.1
 
0.1
 
Egypt
%
1.9
 
1.9
 
1.8
 
1.8
 
1.7
 
1.6
 
1.6
 
1.6
 
1.5
 
1.5
 
1.5
 
India
%
1.1
 
1.1
 
1.1
 
1.1
 
1.0
 
1.0
 
1.0
 
0.9
 
0.9
 
0.9
 
0.9
 
Indonesia
%
1.1
 
1.1
 
1.0
 
1.0
 
1.0
 
0.9
 
0.9
 
0.9
 
0.8
 
0.8
 
0.8
 
Iran
%
1.1
 
1.0
 
1.0
 
0.9
 
0.9
 
0.8
 
0.7
 
0.7
 
0.6
 
0.6
 
0.5
 
Malaysia
%
1.4
 
1.3
 
1.3
 
1.3
 
1.3
 
1.3
 
1.2
 
1.2
 
1.2
 
1.1
 
1.1
 
Pakistan
%
2.0
 
1.9
 
1.9
 
1.8
 
1.8
 
1.8
 
1.7
 
1.7
 
1.6
 
1.6
 
1.5
 
Russia
%
0.0
 
0.0
 
0.0
 
-0.1
 
-0.1
 
-0.1
 
-0.2
 
-0.2
 
-0.2
 
-0.2
 
-0.3
 
Saudi Arabia
%
2.1
 
1.9
 
1.7
 
1.7
 
1.6
 
1.5
 
1.4
 
1.4
 
1.3
 
1.3
 
1.2
 
South Africa
%
1.3
 
1.2
 
1.2
 
1.1
 
1.1
 
1.1
 
1.0
 
1.0
 
0.9
 
0.9
 
0.9
 
Ukraine
%
-0.5
 
-0.5
 
-0.5
 
-0.5
 
-0.5
 
-0.5
 
-0.5
 
-0.5
 
-0.6
 
-0.6
 
-0.6
 
OECD 3
%
0.5
 
0.5
 
0.5
 
0.5
 
0.4
 
0.4
 
0.4
 
0.4
 
0.4
 
0.4
 
0.3
 
World
%
1.1
 
1.1
 
1.1
 
1.0
 
1.0
 
1.0
 
1.0
 
0.9
 
0.9
 
0.9
 
0.9
 
Note: For OECD member countries, as well as Brazil, China and Russia, historical data for real GDP, private consumption expenditure deflator and GDP deflator were obtained from the OECD Economic Outlook No. 102, November 2017. For other economies, historical macroeconomic data were obtained from the IMF, World Economic Outlook, October 2017. Assumptions for the projection period draw on the recent short term update of the OECD Economics Department, projections of the IMF, and for population, projections from the United Nations World Population Prospects Database, 2017 Revision (medium variant). Data for the European Union are euro area aggregates except for population. The price index used is the private consumption expenditure deflator.
Average 2015-17est and 2017est: Data for 2017 are estimated.
Disclaimer: http://oe.cd/disclaimer
1.
Annual per cent change.
2.
Annual weighted average real GDP and CPI growth rates in OECD countries are based on weights using purchasing power parities (PPPs).
3.
Excludes Iceland.
4.
Short-term update for crude oil price from the OECD Economic Outlook N°102 (November 2017). For 2017, the annual average monthly spot price is used, while the average daily spot price for December 2017 is used as the oil price value for the year 2018 and oil prices during the projection period follow the path of the World Bank average crude oil price projected by the World Bank Commodities Price forecasts, released in October 2017.
5.
World Bank. Data for 2017 are estimated, projections by OECD and FAO Secretariats.
Source: OECD/FAO (2018), “OECD-FAO Agricultural Outlook”,OECD Agriculture statistics(database). doi:dx.doi.org/10.1787/agr-outl-data-en

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